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Bankruptcy Law Network - Real Lawyers, Real Solutions (10)

• The Misery Index reaches 11.3%

  Posted: September 7th, 2008, 6:27am PDT by Eugene S. Melchionne, Connecticut Bankruptcy Attorney

  The unemployment figures for August 2008 were released this week, reaching an unexpected 6.1%.  As a result, the Misery Index is likely to go even higher.  The Misery Index is a measure of the rate of inflation and the unemployment rates.  The rate attempts to show the pressures placed on consumers in the United States. The [...]

• Bankruptcy Can Stop Cancellation of Debt Tax

  Posted: September 6th, 2008, 5:01pm PDT by Kent Anderson, Oregon Bankruptcy Attorney

  The IRS considers debt that is cancelled, in full or in part, to be taxable income to the debtor to the extent the financial position of the taxpayer has been improved by the debt cancellation.  This means that a credit card company settlement can result in an income tax bill from the Internal Revenue Service.  It [...]

• Federal Appeals Court Upholds “Debt Relief Agency” Rules, But Strikes Down Rule Against Advising Clients To Incur More Debt

  Posted: September 4th, 2008, 11:46pm PDT by Craig Andresen, Attorney at Law

  On September 4, 2008, the U.S. Court of Appeals, Eighth Circuit, issued its ruling in the Milavetz v. United States case, No. 07-2405.  The appeals court upheld the 2005 Bankruptcy Reform Act’s requirement that attorneys identify themselves as “debt relief agencies,” but struck down the prohibition on attorneys advising clients to incur more debt in [...]

• Chapter 13 Lien Stripping: Effective immediately?

  Posted: September 2nd, 2008, 2:58am PDT by Michael Doan

  Most legal professionals are of the opinion that a chapter 13 mortgage lien strip should not be effective until discharge or plan completion.  They take this position, even though there is no such authority for the same anywhere in the code. The better position, is that lien strips of wholly unsecured mortgages should take place immediately.  [...]

• New Procedure For Car Cramdowns? Southern District of California Bankruptcy Court

  Posted: September 1st, 2008, 10:30pm PDT by Michael Doan

  In my previous blog, I had written about how a San Diego Bankruptcy Court ruled last week that a Chapter 13 plan could not be used to bind a 506 value on a creditor unless it was 1)  “clearly and conspicuously stated in the plan,” and 2) the creditor is served in the same manner as lawsuits [...]

• AARP: 1.85 Million Americans Go Bankrupt Due To Medical Bills In One Year

  Posted: September 1st, 2008, 9:59pm PDT by Susanne Robicsek, North Carolina Bankruptcy Attorney

  The AARP has a new campaign on TV and the Internet about the high number of bankruptcies caused by medical bills.   This is contrary to the position in the study that Andy Miofsky spoke of in his article Is Bankruptcy Reform Around the Corner? That study links high debt to bankruptcy.  [...]

• Can I, Can I Not, Take the Means Test Car Ownership Allowance When My Car Is Paid For?

  Posted: September 1st, 2008, 8:47pm PDT by Jill Michaux, Kansas Bankruptcy Attorney

  Kansas has four conflict decisions among the many decisions written on the propriety of taking the car ownership allowance on the means test if your car is paid for and has no lien upon it.  Last week, one Kansas judge reversed herself to follow a BAP opinion. The Bankruptcy Appellate Panel for the U.S. Circuit [...]

• Chapter 13 Mortgage Lien Stripping Southern District of California Bankruptcy Court Decision.

  Posted: September 1st, 2008, 5:51pm PDT by Michael Doan

  On August 25, 2008, Judge Adler in the Southern District of Southern California Bankruptcy Court issued a published decision on lien stripping in a chapter 13 case, In re Pereira, 08-03059.  In that decision, without authority or direction to any Bankruptcy Code provisions, the Court held that confirmation can not take place until after after [...]

• How Can I Decrease My Chapter 13 Plan Payments?

  Posted: September 1st, 2008, 4:14pm PDT by Karen Oakes, Southern Oregon Bankruptcy Attorney

  An earlier post discussed what would happen if a debtor’s income increased significantly.   Quite frankly, that just doesn’t happen to most of my clients….they usually have decreased income due to lay-off, unemployment, illness, divorce, or a death of the family wage-earner. Does this mean the Chapter 13 Plan which was carefully set up calculating all income [...]

• Is Bankruptcy Reform Around the Corner?

  Posted: September 1st, 2008, 6:16am PDT by Andy Miofsky, Illinois Bankruptcy Attorney

  Get ready for a political tussle, the winds of bankruptcy reform are blowing.  Jim Wasserman over at sacbee.com profiles a study that blames overspending as the leading cause of bankruptcy.  The report was written by associate professor of management Ning Zhu from UC Davis, Graduate School of Management.  Zhu claims debt caused over half of [...]